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Press Release

NEWARK, Calif.--(BUSINESS WIRE)--Aug. 2, 2018--
Revance Therapeutics, Inc. (NASDAQ:RVNC), a biotechnology company
developing neuromodulators for use in treating aesthetic and therapeutic
conditions, today announced results for the second quarter ended June
30, 2018.

Recent Company Highlights and Upcoming Milestones for
DaxibotulinumtoxinA for Injection (RT002)

Revance expects to complete the SAKURA 3 open-label, long-term safety
study of RT002 for the treatment of glabellar (frown) lines in the
fourth quarter of 2018. The Company remains on track to file its
Biologics Licensing Application (BLA) for RT002 to treat glabellar
(frown) lines in first half of 2019.

Revance initiated the ASPEN Phase 3 program with RT002 for the
treatment of moderate to severe isolated cervical dystonia for the
U.S. in June of 2018. The program includes a single pivotal trial and
an open-label safety study, each to enroll approximately 300 patients
across sites in the U.S., Canada and Europe.

Announced the appointments of Susanne Fors, Vice President, Regulatory
Affairs, Conor Gallagher, Ph.D., as Head of Medical Affairs,
Aesthetics, and Caryn McDowell as Senior Vice President, General
Counsel & Corporate Secretary in May of 2018.

"Our clinical body of work for RT002 injectable, including the SAKURA 1
& 2 pivotal trials for the treatment of glabellar lines, supports the
potential for this product to provide patients and physicians with
unequaled, enduring performance. We look forward to the SAKURA 3
open-label safety study readout in the fourth quarter of this year,
followed by the BLA filing in the first half of 2019," said Dan Browne,
President and Chief Executive Officer at Revance. "In parallel to our
pre-commercialization plans underway in the aesthetics market, we are
advancing the development of long-acting RT002 in multiple therapeutic
indications. We recently dosed the first patient in our ASPEN Phase 3
Program for RT002 for the treatment of cervical dystonia and look
forward to accomplishing additional clinical milestones in the fourth
quarter, including the initiations of Phase 2 trials for the treatment
of plantar fasciitis and upper limb spasticity. With the potential for
twice yearly administration, RT002 could represent a meaningful
advancement in neuromodulator treatment."

Summary Financial Results

Cash, cash equivalents and investments as of June 30,
2018 were $233.7 million.

Revenue for the three and six months ended June 30, 2018 was $0.7
million and $0.9 million compared to $0.1 million and $0.2 million for
the same periods in 2017, respectively. The revenue recognized during
2018 represents the portion of revenue earned from the $25 million
upfront payment from Mylan under the biosimilar collaboration and
license agreement.

Research and development expenses for the three and six months
ended June 30, 2018 were $22.9 million and $45.1 million compared to
$18.3 million and $37.7 million for the same periods in 2017,
respectively. The change in research and development expenses is
primarily due to the cervical dystonia Phase 3 clinical trial
implementation costs and increased costs to support manufacturing,
quality efforts and research.

General and administrative expenses for the three and six months
ended June 30, 2018 were $12.7 million and $26.4 million compared
to $8.6 million and $16.4 million for the same periods in 2017,
respectively. The increase in general and administrative expenses is
primarily due to increased costs related to personnel, consulting and
pre-commercial activities to support future product launches.

Total operating expenses for the three and six months ended June
30, 2018 were $35.6 million and $71.5 million compared to $26.9
million and $54.1 million for the same periods in 2017, respectively.
Stock-based compensation for the three and six months ended June 30,
2018 was $4.2 million and $8.3 million, respectively. When excluding
depreciation and stock-based compensation, total operating expenses for
the three and six months ended June 30, 2018 were $31.0 million and
$62.3 million, respectively.

Net loss for the three and six months ended June 30,
2018 was $34.1 million and $69.1 million compared to $26.9 million and
$54.0 million for the same periods in 2017, respectively.

2018 Financial Outlook

Revance reiterates its financial guidance provided in January 2018.
Revance expects cash burn for 2018 to be in the range of $117 to $137
million. Revance expects 2018 GAAP operating expense to be in the range
of $128 to $154 million, which when excluding depreciation of $1 to $3
million and estimated stock-based compensation of $17 to $21 million,
results in projected 2018 non-GAAP operating expense of $110 to $130
million, driven by increased research and development expenditure and
launch preparation activities. With three clinical programs and
preparations to file the BLA for RT002 to treat glabellar (frown) lines
all underway, Revance anticipates 2018 GAAP research and development
expense to be in the range of $84 to $101 million, which when excluding
depreciation of $1 to $2 million and estimated stock-based compensation
of $7 to $9 million, results in projected 2018 non-GAAP research and
development expense of $76 to $90 million.

Conference Call

Individuals interested in listening to the conference call may do so by
dialing (855) 453-3827 for domestic callers, or (484) 756-4301 for
international callers and reference conference ID: 3480629; or from the
webcast link in the investor relations section of the company's website
at: www.revance.com.

A replay of the call will be available beginning August 2, 2018
at 4:30pm PT/7:30pm ET to August 3, 2018 at 4:30pm PT/7:30pm ET. To
access the replay, dial (855) 859-2056 or (404) 537-3406 and reference
conference ID: 3480629. The webcast will be available in the investor
relations section on the company's website for 30 days following the
completion of the call.

About Revance Therapeutics, Inc.

Revance Therapeutics is an emerging Silicon Valley biotechnology leader
developing neuromodulators for the treatment of aesthetic and
therapeutic conditions. Revance uses a unique proprietary, stabilizing
excipient peptide technology to create novel, differentiated therapies.
The company’s lead compound, DaxibotulinumtoxinA for Injection (RT002),
is in clinical development for a broad range of aesthetic and
therapeutic indications, including glabellar lines, cervical dystonia,
plantar fasciitis, upper limb spasticity and chronic migraine. RT002 has
the potential to be the first long-acting neuromodulator. The company is
advancing a robust pipeline of injectable and topical formulations of
DaxibotulinumtoxinA. More information on Revance may be found at www.revance.com.

“Revance Therapeutics” and the Revance logo are registered trademarks of
Revance Therapeutics, Inc.

Forward-Looking Statements

This press release contains forward-looking statements, including
statements related to Revance Therapeutics' long-term financial outlook,
expected cash burn and other financial performance, the process and
timing of, and ability to complete, current and anticipated future
clinical development of our investigational drug product candidates,
including but not limited to initiation and design of clinical studies
for current and future indications, including the timing and results of
the SAKURA 3 study of RT002 and ASPEN Phase 3 program, related results
and reporting of such results; statements about our business strategy,
timeline and other goals and market for our anticipated products, plans
and prospects; including our pre-commercialization plans; and statements
about our ability to obtain regulatory approval, including the timing of
potential BLA filing for RT002 to treat glabellar (frown) lines; and
potential benefits of our drug product candidates and our technologies.

Forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from our
expectations. These risks and uncertainties include, but are not limited
to: the outcome, cost, and timing of our product development activities
and clinical trials; the uncertain clinical development process,
including the risk that clinical trials may not have an effective design
or generate positive results; our ability to obtain and maintain
regulatory approval of our drug product candidates; our ability to
obtain funding for our operations; our plans to research, develop, and
commercialize our drug product candidates; our ability to achieve market
acceptance of our drug product candidates; unanticipated costs or delays
in research, development, and commercialization efforts; the
applicability of clinical study results to actual outcomes; the size and
growth potential of the markets for our drug product candidates; our
ability to successfully commercialize our drug product candidates and
the timing of commercialization activities; the rate and degree of
market acceptance of our drug product candidates; our ability to develop
sales and marketing capabilities; the accuracy of our estimates
regarding expenses, future revenues, capital requirements and needs for
financing; our ability to continue obtaining and maintaining
intellectual property protection for our drug product candidates; and
other risks. Detailed information regarding factors that may cause
actual results to differ materially from the results expressed or
implied by statements in this press release may be found in Revance's
periodic filings with the Securities and Exchange Commission (the
"SEC"), including factors described in the section entitled "Risk
Factors" of our quarterly report on Form 10-Q filed May 9, 2018. These
forward-looking statements speak only as of the date hereof. Revance
disclaims any obligation to update these forward-looking statements.

Use of Non-GAAP Financial Measures

Revance has presented certain non-GAAP financial measures in this
release. This release and the reconciliation tables included herein
include total non-GAAP operating expense and non-GAAP R&D expense, both
of which exclude depreciation and stock-based compensation. Revance
excludes depreciation costs and stock-based compensation expense because
management believes the exclusion of these items is helpful to investors
to evaluate Revance's recurring operational performance. Revance
management uses these non-GAAP financial measures to monitor and
evaluate its operating results and trends on an on-going basis, and
internally for operating, budgeting and financial planning purposes. The
non-GAAP financial measures should be considered in addition to results
prepared in accordance with GAAP, but should not be considered a
substitute for or superior to GAAP results.

Revance Therapeutics, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except share and per share amounts)

(Unaudited)

June 30,

December 31,

2018

2017

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

39,282

$

282,896

Short-term investments

194,452

—

Prepaid expenses and other current assets

9,148

2,315

Total current assets

242,882

285,211

Property and equipment, net

12,196

9,250

Restricted cash

730

580

Other non-current assets

3,315

658

TOTAL ASSETS

$

259,123

$

295,699

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Accounts payable

$

5,435

$

6,805

Accruals and other current liabilities

13,569

12,225

Deferred revenue, current portion

9,320

—

Financing obligations

—

1,872

Total current liabilities

28,324

20,902

Derivative liability associated with Medicis settlement

2,717

2,613

Deferred revenue, net of current portion

14,800

—

Deferred rent

3,427

3,339

TOTAL LIABILITIES

49,268

26,854

Commitments and Contingencies

STOCKHOLDERS’ EQUITY

Common stock, par value $0.001 per share — 95,000,000 shares
authorized as of June 30, 2018 and December 31, 2017; 36,917,723
and 36,516,075 shares issued and outstanding as of June 30, 2018
and December 31, 2017, respectively